Keeping you informed: COVID-19

Updated April 1, 2020

The health and safety of our employees and customers is of the utmost importance. As the situation around COVID-19 continues to evolve, we want to let you know that First National Financial LP (“First National”) is closely monitoring the situation.

If you are experiencing financial hardship due to COVID-19 and need to request a mortgage payment deferral, please submit a payment deferral request through My Mortgage or fill out our online mortgage payment deferral request form.

As we continue to make every effort to protect your privacy, we need to be able to clearly identify you from your inquiry. Please ensure to include your full name, mortgage number, property address and how you've been impacted by COVID-19 in your message to us or we will not be able to respond to your request. 

Here is how we will continue to support you.

My Mortgage – available to you 24/7

You can continue to manage your mortgage online, 24/7 through My Mortgage by First National. With My Mortgage you can:

• Track your mortgage details
• Review your mortgage account
• Manage your mortgage payments
• Update your contact information
• Access mortgage tools

New to My Mortgage? Registering is easy. Learn how here.

Frequently asked questions

How is First National protecting their employees?

As mentioned, the health and safety of our employees is of the utmost importance. We have enhanced our cleaning protocols and continue to monitor the information provided by public health in regard to COVID-19 to make informed decisions.

We have made the decision to implement a Work From Home policy for many of our First National team members beginning Monday, March 16, 2020. We have the technology infrastructure and tools in place to make it easy for our employees to effectively support you from anywhere.

For more information and to stay up to date, you can visit the Government of Canada’s COVID-19 information page (canada.ca/coronavirus or call 1.833.784.4397) or the World Health Organization’s information page (https://www.who.int/emergencies/diseases/novel-coronavirus-2019).

Will First National be closed?

First National’s call centre will continue to stay open. Our team is available to answer any questions you may have about your mortgage.

Please note that due to COVID-19, you may experience higher than normal wait times. We encourage you to visit My Mortgage, where you can continue to manage your mortgage online, 24/7.

Your patience is appreciated, and we thank you for your understanding.

How can I stay up to date on what First National is doing for their customers?

First National has created this web page to keep our customers up-to-date with any updates as they refer to the impacts of COVID-19. We appreciate that there may be hardships such as requests to self-isolate, there may be a pause to regular employment or other work-related matters resulting from COVID-19 that may impact you. If you are impacted and need assistance, please read below. As you can appreciate, we are experiencing an unprecedented volume of requests. Rest assured we are doing our best to get back to you as soon as we can. Your ongoing patience as we navigate this pandemic is appreciated. 

I can't get a hold of you on the phone or online.  Can I come into the office?

We appreciate the urgency of the situation surrounding COVID-19, but we ask that customers do not come to our corporate offices as the majority of our staff is working from home and we are not equipped to assist customers in person. 

If you are experiencing financial hardship due to COVID-19 and you would like to request a mortgage payment deferral, please submit a payment deferral request through My Mortgage or fill out our online mortgage payment deferral request form.

I am experiencing financial hardship because I have been personally impacted by COVID-19. Do I have any options?

During these challenging and uncertain times, we wish to confirm that First National has a program in place to address payment difficulties caused by the current COVID-19 pandemic. We appreciate that there may be requests to self-isolate, there may be a pause to regular employment or other work-related matters resulting from COVID-19 that may impact you. Our financial relief program is customized to each individual’s circumstances and could include deferral of payments on mortgages for up to six months. 

If you are experiencing financial hardship due to COVID-19 and you would like to request a mortgage payment deferral, please submit a payment deferral request through My Mortgage or fill out our online mortgage payment deferral request form.

My company has laid me off, can you stop my mortgage payments until I’m back at work?

First National is committed to helping all our customers who are experiencing layoffs due to the impacts of COVID-19. If you have been laid off and need to request a mortgage payment deferral, please submit a payment deferral request through My Mortgage or fill out our online mortgage payment deferral request form.

I have a payment due in the next couple of days and I can’t get a hold of you to defer my payment.  What should I do?

We are experiencing an unprecedented volume of calls and emails and are committed to getting back to each of our customers to discuss their payment deferral options. If you have sent us a message to defer your payment due to the impact of COVID-19 and we are unable to get back to you before your next payment, be assured we will be refunding any non-sufficient funds [NSF] fees charged by First National and you will not be reported to the credit bureau(s) at this time.

If you have already emailed us to discuss deferrals, you do not need to email again as we will answer your inquiry as soon as we can.  

If I've missed my payment due to the impact of COVID-19, will my credit be affected?

If you have sent us a message to defer your payment due to the impact of COVID-19 and you’ve missed a payment because we are unable to get back to you before your next payment, you will not be reported to the credit bureau(s) at this time.

What does “payment deferral” mean? And why isn’t it interest free?

A payment deferral means that First National allows you to have a break from your regularly scheduled principal and interest payments for an agreed-upon period of time. The interest on your mortgage loan continues to accrue but it is added to your outstanding mortgage principal instead of becoming due on your usual payment dates. Note that payment deferrals could extend the amortization period of your loan. However, once you are able to re-start a regular payment schedule, First National can help you get your amortization back to where you want it to be by using one of your flexible prepayment privilege options. First National does not offer interest-free deferrals.

* Any deferral granted will not apply to tax and insurance payments, which must continue to be paid by you. If First National is currently deducting these amounts from your bank account, we will continue to do so.

Does First National offer interest-only payments?

First National is not offering interest-only payments. If you require payment assistance because you have experienced financial hardship due to COVID-19, please submit a mortgage payment deferral request through My Mortgage or fill out our online mortgage payment deferral request form.

Through the media, I’ve heard that the banks are offering to defer mortgage payments for up to 6 months, is First National going to offer the same solution?

We are committed to working with our customers on a case-by-case basis to provide solutions to meet each customer’s unique financial challenges. Similar to other lenders, this support may include up to 6 months of mortgage deferrals to those who have experienced financial hardship due to COVID-19. You will need to speak to a representative to make these arrangements via email or phone. 

If you require payment assistance because you have experienced financial hardship due to COVID-19, please submit a mortgage payment deferral request through My Mortgage or fill out our online mortgage payment deferral request form. 

As you can appreciate, we are experiencing an unprecedented volume of requests. Rest assured we are doing our best to get back to you as soon as we can. Your ongoing patience as we navigate this pandemic is appreciated. 

I own a rental property and the mortgage is with you, the tenant can’t pay the rent because they have been laid off, what can I do?

First National is committed to helping all our customers who are experiencing financial hardship as it relates to income from rental properties due to the impacts of COVID-19. If your tenant is unable to pay rent and you need to request a mortgage payment deferral, please submit a mortgage payment deferral request through My Mortgage or fill out our online mortgage payment deferral request form.

Rest assured we are doing our best to get back to you as soon as we can. Your ongoing patience as we navigate this pandemic is appreciated. 

I increased my mortgage payments last year and now my hours at work have been reduced, can I put my mortgage payments back to what they were?

At First National our privilege payments are flexible and can be altered/stopped with adequate notice. Given the unprecedented volume of requests, our turnaround times have increased, and it will take longer than normal to get back to you. If you have utilized your privilege options and would like to remove them in order to pay your regular principal and interest payment, please send us a request via the Contact Us page on My Mortgage. You can reduce your payment by removing your 15% payment increase and stopping all ongoing lump sums or double up payments. If you still cannot afford your regular principal and interest payment and need to defer your mortgage payments, please submit a mortgage payment deferral request through My Mortgage or fill out our online mortgage payment deferral request form.

As you can appreciate, we are experiencing an unprecedented volume of requests. Rest assured we are doing our best to get back to you as soon as we can. Your ongoing patience as we navigate this pandemic is appreciated.

Is there as fee to hold or defer my payment?

First National understands that this is a challenging time for our customers. We are waiving/refunding the non-sufficient funds [NSF] fee for missed or stopped payments charged by First National while we take time to assist customers individually.

As you can appreciate, we are experiencing an unprecedented volume of requests. Rest assured we are doing our best to get back to you as soon as we can.  Your ongoing patience as we navigate this pandemic is appreciated.

Can I only pay the interest on my mortgage for the next 6 months?

First National does not offer this option, however there are many other options available to make sure your mortgage remains in good standing. Please contact us through My Mortgage to discuss your options. 

If you require payment assistance because you have experienced financial hardship due to COVID-19, please submit a mortgage payment deferral request through My Mortgage or fill out our online mortgage payment deferral request form. 

 

As you can appreciate, we are experiencing an unprecedented volume of requests. Rest assured we are doing our best to get back to you as soon as we can. Your ongoing patience as we navigate this pandemic is appreciated.

I have an adjustable rate mortgage and First National’s prime rate has changed. When will my payment be adjusted?

As of April 1, 2020, First National’s prime rate has decreased to 2.45%. The rate will change on all existing accounts effective April 1, 2020 and customers will see their payments changed as of April 5, 2020 and onward. Please refer to your mortgage documents for details. If you have questions regarding your new payment amount feel free to contact us or chat with us through My Mortgage.

You can learn more about the difference between adjustable and fixed rate mortgages here.